By Anthony O. Goriainoff


Vistry Group said it has agreed to sell 1,750 new homes to Blackstone Real Estate and Regis Group at a cost price of around 580 million pounds ($742.9 million).

The U.K. housebuilder said that the sale--which is part of the company's partnership strategy--will help it achieve its medium-term financial targets.

The company said expects to complete the first sales by the end of this month, with the rest within the next two years.

Vistry said it was on-track to achieve an over 10% increase in new home completions in 2024.

"This agreement supports our differentiated business model, with the certainty provided by the preselling of homes enabling us to accelerate our build programs, guarantee work for our supply chain, reduce sales and build costs and create vibrant new communities," Chief Executive Greg Fitzgerald said. Shares at 0800 GMT were down 0.3% at 1,305 pence.


Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com


(END) Dow Jones Newswires

06-04-24 0426ET